Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — Q1 2014 Earnings Presentation
16 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, May 9, 2014
Slide 1: 1Q/14 Results Presentation
1Q/14 Results Presentation May 9th, 2014
Slide 2: YTD Highlights
YTD Highlights Sustained profitability despite disposals and significant forex impacts Working capital affected by seasonality Hochtief restructuring plan underway 1st Quarter 2014 – Results Presentation 2
Slide 3: Key figures 3M14
Key figures 3M14 Var. Var. (like-for-like)* Sales € 8,800 mn -3.4% +9.0% Backlog 19 months € 63,874 mn -15.4% -1.8% EBITDA Margin 7.4% € 648 mn -14.5% +0.8% EBIT Margin 4.8% € 421 mn -1.6% +11.1% Net Profit € 202 mn +20.6% * Like-for-like variations are calculated adjusting forex and changes of peri
Slide 4: Grupo ACS Sales 3M14
Grupo ACS Sales 3M14 Industrial Services Construction € 1,850 mn € 6,539 mn +5.2%* +10.7%* 21% 5% Environment € 419 mn -1,6%* Total Sales 74% € 8,800 mn +9.0%* Not included in the graph: € (8) million from adjustments * Like for like variations, which are calculated adjusting forex and changes of pe
Slide 5: Grupo ACS Sales 3M14
Grupo ACS Sales 3M14 Africa € 70 mn Spain 1% € 1,572 mn 17% Asia Pacific Rest of Europe € 3,431 mn 39% 9% € 771 mn 34% America € 2,956 mn International Sales € 7,228 mn +9.6%* (82.1% of the total) Construction Industrial Services Environment € 6,119 mn (+12.7%*) 93.6% /total € 966 mn (-7.4%*) 52,2%/
Slide 6: Grupo ACS Backlog Evolution LTM
Grupo ACS Backlog Evolution LTM New orders, Production, last 12 months last 12 months Book to bill ratio LTM = 0.97x L3M = 0.99x Forex and perimeter changes € 39.853 mn € 41.228 mn € 10.236 mn € 75.485 mn Excluding this effect: € 63.874 mn € 63.874 mn -1.8% Backlog 31/03/13 Backlog 31/03/14 1st Quar
Slide 7: Grupo ACS Backlog by 31st March
Grupo ACS Backlog by 31st March 14 Total Backlog € 63,874 mn -1.8% * Industrial Services Africa € 486 mn € 7,508 mn Construction +4.4% * Spain € 48,156 mn 1% € 9,992 mn -2.8% * Environment 12% € 8,210 mn 16% -0.3% * 13% 43% 13% Rest of Europe € 8,594 mn 75% 27% Asia Pacific America € 27,431 mn € 17,
Slide 8: EBITDA Analysis
EBITDA Analysis Telco & Services € 28 mn Forex Like for like +0.8% € 69 mn FleetCo € 757 mn € 729 mn € 18 mn € 735 mn € 648 mn EBITDA 3M13 Adjusted EBITDA 3M14 Adjusted EBITDA 3M13 EBITDA 3M14 1st Quarter 2014 – Results Presentation 8
Slide 9: EBIT Analysis
EBIT Analysis -7.2% 7% € (7)mn -1.6% € (13) mn +3.7% +2.0% € 1mn 7% 52% € 5 mn • Depreciation reduction compared to last year • Forex impact • Larger contribution • Disposal of assets in from renewables in € 428 mn Hochtief and Leighton the period 54% € 421 mn 41% f/x effect € (43) mn Perimeter chan
Slide 10: 3M14 Net Results
3M14 Net Results € million 3M13 3M14 Construction Net Profit 58 50 -14.6% Industrial Services Net Profit 124 125 +1.0% Environment Net Profit 20 21 +1.7% Corporation Net Result (35) 7 n.a. Net overheads (9) (8) Net financial results (37) (37) Ordinary contribution Iberdrola 37 31 Others (26) 22 Net
Slide 11: Net debt evolution LTM
Net debt evolution LTM Business debt Project finance Total Net Debt Business Reduction of € 849 mn € 1.0 bn Project Finance € 147 mn 5.575 -17.9% 854 4.579 707 4.721 3.872 31st Mar 13 31st Mar 14 1st Quarter 2014 – Results Presentation 11
Slide 12: Cash Flow from Operations
Cash Flow from Operations 3M13 3M14 Net Financial Expenses, Tax Payments & Other Net Financial Expenses, Tax (178) Payments & Other (198) Operating EBITDA activities Capital EBITDA Capital FCF 744 Expenditure Operating Expenditure (before WC) (243) 648 (78) activities FCF (before WC) +15,1% 372 323
Slide 13: Operating Working Capital Variation
Operating Working Capital Variation HOCHTIEF ACS ex HOCHTIEF 3M13 3M14 3M13 3M14 (349) (342) (703) (738) -2% -5% (401) Factoring reduction of Seasonal working capital outflow reduced € 59 mn since Dec 2013 1st Quarter 2014 – Results Presentation 13
Slide 14: HOCHTIEF restructuring plan advances
HOCHTIEF restructuring plan advances HOCHTIEF Europe Leighton HOCHTIEF Americas • New structure in place • Offer closed today • Turner performance targeting c.74% of LEI solid • New CEO & COO appointed • Management changes: • Measures implemented CEO, CFO and M&A including risk • Underlying profit t
Slide 15: Conclusions
Conclusions Positive market America, Australia and Middle East trends Profitability HOCHTIEF restructuring: America & Europe to keep growing Minorities acquisition underway Working Capital Focus on reduction of underclaims/working capital recovery Sale of non core Real Estate , Concessions assets Ac
Slide 16: DISCLAIMER
DISCLAIMER This document contains forward-looking statements on the intentions, expectations or forecasts of Grupo ACS or its management at the time the document was drawn up and in reference to various matters including, among others, its customer base, its performance, the foreseeable growth of it